Mortgage Guarantors

MartinW6

My ex-wife and I are looking for ways to get my name off of our Nationwide mortgage (she has a new partner who wants to become more 'invested' in the home, and I want to move in with my own partner). It's unlikely that Nationwide will agree as a) my ex-wife is on benefits and expecting twins with her partner (i.e. will remain on benefits for the forseeable future), and b) her new partner's credit rating is awful. However, her partner's parents own their own home. If they were willing to act as guarantors, would Nationwide be more inclined to allow my name to be taken off the mortgage? Her partner's parents seem to be willing to assist.

The Nationwide mortgage is 115k. The value of the house is approximately 250k. I don't know the value of her partner's parents home, but it's a 3 bed of a similar size in the same area. I don't know anything else about them or their situation (whether they still work, etc...). However, me ex and I are going to the Nationwide next week... are there other details we need to get from the parent's before we go?

Or is this all 'pie in the sky' - would having them as guarantors make any odds? Ideally, by having guarantors, we'd hope Nationwide would allow an extension of the mortgage so that my share can be bought out so I'm out of the picture entirely.

kingstreet

Normally, the option will be to remove one borrower and add another in a "one-on, one-off" transfer of equity. Nationwide does not offer guarantor products itself, it farms out such cases to The Mortgage Works, although how it would react to such a request on an existing mortgage, only they would know.

The bad news, if someone wants to act as guarantor, they will have to be able to cover the whole mortgage payment for the whole term. Many parents cannot do that, as retirement often gets in the way.

The only way you're going to get an answer to this is from the horse's mouth. Some things are so technical and rare that they fall outside the scope of this place, unless there's an uncanny recent case similar and I can't remember one if there was.